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In May 2012, Joseph Blimline was sentenced to 20 years in federal prison for operating two oil and gas Ponzi schemes. He operated a Ponzi scheme from 2003 to 2005 in Michigan, netting over $28 million. He then operated a Ponzi scheme in Texas, using a company called Provident Royalties, that lasted from 2006 to 2009 and netted over $400 million ...
Charles Ponzi, the namesake of the scheme, in 1920. A Ponzi scheme (/ ˈ p ɒ n z i /, Italian:) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. [1]
The Saradha Group financial scandal was a major political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds [1] [2] [3] in Eastern India.
As Russia did not have any laws against Ponzi schemes, the government decided to seek tax evasion charges. [6] At that point, Invest-Consulting, one of the company's subsidiaries, owed more than 50 billion rubles in taxes (US$23 billion in 1994), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from US$50 million ...
A pump-and-dump scheme is similar in many ways to a Ponzi scheme (in that both types of scam use misrepresentations in an effort to enrich the promoters and/or initial investors with money from later investors), however, there are a number of differences between the schemes: Ponzi-type investments are privately traded, often between individuals ...
Concurrently, Hindenburg released a report claiming that Indian conglomerate Adani Group "has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades." [98] Soon after the report's release, Adani Group companies experienced an acute decline in their share prices.
Pages in category "Pyramid and Ponzi schemes" The following 152 pages are in this category, out of 152 total. This list may not reflect recent changes. ...
As is the case with many Ponzi schemes, Lewis relied on trust and word of mouth to help build his scheme. Many of Lewis' victims were members of churches and church-related groups, of which Lewis was reportedly a member. [5] [6] In 2003, investors became suspicious when Lewis stopped paying dividends.